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14-08-2018
Limited liability for sole traders?

Limited liability for sole traders?

The Office of Tax Simplification (OTS) has updated its papers on the possibility of launching a Sole Enterprise Protected Assets (SEPA) business model for sole traders. SEPA status would allow sole traders to retain the simplicity of sole trader status but at the same time offer liability protection for a sole trader's primary residence and possibly the individual’s pension fund. SEPA would not have a separate legal identity and the sole trader would continue to be taxed as is currently the ... read more

14-08-2018
Time to declare offshore assets?

Time to declare offshore assets?

HMRC has published a press release to remind taxpayers that the 30 September 2018 deadline to come forward and declare any foreign income or profits on offshore assets is fast approaching. This is the date set out in the Requirement to Correct (RTC) legislation that was introduced by the Finance (No.2) Act 2017. Taxpayers making a disclosure will then have a further 90 days to make the full disclosure and pay any tax owed. The RTC legislation applies to any person with undeclared UK Income ... read more

14-08-2018
VAT on transfer of business as a going concern

VAT on transfer of business as a going concern

The transfer of a business as a going concern (TOGC) rules consider the VAT liability on the sale of a business. Normally, the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes assets and meets certain conditions, the sale will be categorised as a TOGC. A TOGC is defined as 'neither a supply of goods nor a supply of services', and is therefore outside the scope of VAT. Under the TOGC rules ... read more

14-08-2018
Duty free limits for travellers

Duty free limits for travellers

Here is a reminder for travellers of their duty and tax free allowances whilst travelling this summer. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country, no duties or tax will be payable as long as you can demonstrate that the goods are for your own use and that you paid the relevant taxes and duties on the purchase. However, HMRC provides the following guidelines as to an acceptable maximum for personal use. Travellers that exceed these limits are ... read more

14-08-2018
New counter-fraud squad

New counter-fraud squad

A new Government Counter Fraud Profession (GCFP) is to be launched on 9th October to help fight fraud in the public sector. The size of the challenge is immense with fraud in the public sector estimated to be between £31 billion and £49 billion. The GCFP will create a new community of counter fraud specialists across government, with benefits for both individuals and organisations. Over 1,800 members are expected to join the new profession later this year. The launch of the GCFP follows 2 ... read more

14-08-2018
Intellectual property scam

Intellectual property scam

The Intellectual Property Office (IPO) is warning taxpayers of a new intellectual property (IP) scam, where taxpayers receive unsolicited invitations from companies offering services to help them protect their IP in return for a fee. These usually relate to private organisations offering official-sounding trade mark renewal services or misleading offers to enter trade marks on private official-sounding registers. The IPO recently carried out a successful legal action against private ... read more

14-08-2018
The Cycle to Work scheme and National Minimum Wage

The Cycle to Work scheme and National Minimum Wage

There are special rules involving bicycles usually referred to as 'Cycle to Work' arrangements. The Cycle to Work scheme was introduced in 1999 to help promote the use of healthy ways to commute to work. The scheme allows employers to provide (technically loan) bicycles and cyclists’ safety equipment to employees as a tax-free benefit. Where the scheme conditions are satisfied, employees can benefit from a tax and National Insurance Contributions (NICs) reduction of between 32% and 42% through ... read more

14-08-2018
HMRC interest rates

HMRC interest rates

Following the recent increase in the Bank of England base rate to 0.75%, HMRC has announced changes to the rates of interest they charge. The new rates of interest charged on underpaid quarterly instalment payments of 1.75% (was 1.50%), took effect on 13 August 2018. The interest rate for all other non-quarterly instalment payments applied to the main taxes and duties that HMRC currently charges, will take effect from 21 August 2018 when the late payment interest rate increases to 3.25% ... read more

14-08-2018
Corporation Tax computations

Corporation Tax computations

The Office of Tax Simplification (OTS) provides independent advice to the government on simplifying the UK tax system, with the object of reducing compliance burdens on both businesses and individual taxpayers. The OTS operates on a permanent, statutory footing and seeks to draw together expertise from across the tax and legal professions, the business community and other interested parties. A report published by the OTS last year examined a number of ideas to help make the calculation of ... read more

13-08-2018
Employers have published gender pay gap data

Employers have published gender pay gap data

Under new gender pay gap regulations that came into force in April 2017, all employers with over 250 employees are required to report their gender pay gap data. The Government Equalities Office (GEO) has now announced that 100% of UK employers identified as being in scope of the regulations (because they have over 250 employees), have published their gender pay gap data, amounting to 10,000 businesses. The data shows that more than three-quarters of in scope UK employers pay their male staff ... read more